- $465 million in sales (up 0.2% and 1.3% organically)
- $30 million in EBITDA ($31 million in adjusted EBITDA, up 4.5%)
- 6.4% EBITDA margin (6.8% adjusted EBITDA margin, up 30 bps)
- $0.70 in EPS ($0.74 in adjusted EPS, up 5.7% or C$0.80 in adjusted EPS, up 9.6% when converted into Canadian dollars)
- $49 million in cash flow from operations (up 30% or $11 million)
BOUCHERVILLE, QUÉBEC--(Marketwired - Oct. 30, 2014) -
Unless otherwise indicated in this press release, all amounts are expressed in US dollars.
Uni-Select Inc. (TSX:UNS), a major automotive aftermarket product distributor with activities across North America, today reported EBITDA, EBITDA margin and net earnings growth for the third quarter ended September 30, 2014.
Overall sales grew by 0.2% or 1.3% organically. EBITDA grew 3.7%, while net earnings increased by 3.9% in the third quarter as a result of savings derived from the Corporation's Action Plan. Notwithstanding expenses related to the network optimization, adjusted EBITDA grew by 4.5% this quarter, resulting in an adjusted EBITDA margin of 6.8%.
"I am overall pleased by our third quarter results and the stronger profitability margins we have systematically been recording quarter after quarter since the implementation of our Action Plan. Through our healthier distribution network, we are now able to offer an increasingly more flexible, sustainable and customer-centric solutions," said Richard G. Roy, President and Chief Executive Officer of Uni-Select.
"The Uni-Select team remains committed towards our Action Plan which is mainly completed and will be finalized during the first half of 2015. We now turn to the quarters ahead with the objective of converting aggressive new sales initiatives, higher fill rates and optimal product assortment into a renewed sales momentum across the entire organization," added Mr. Roy.
(In thousands of US dollars, except per share amounts) | THIRD QUARTER | NINE-MONTH PERIOD | ||||||
2014 | 2013 | 2014 | 2013 | |||||
Sales | 465,408 | 464,509 | 1,357,175 | 1,362,505 | ||||
EBITDA | 29,906 | 28,847 | 78,189 | 37,381 | ||||
Adjusted EBITDA | 31,434 | 30,079 | 83,576 | 76,710 | ||||
Adjusted EBITDA margin | 6.8 | % | 6.5 | % | 6.2 | % | 5.6 | % |
Restructuring charges and others | - | - | - | 35,180 | ||||
Net earnings | 14,842 | 14,280 | 38,762 | 11,129 | ||||
Adjusted earnings | 15,755 | 14,987 | 41,948 | 37,543 | ||||
Earnings per share | 0.70 | 0.67 | 1.82 | 0.52 | ||||
Adjusted earnings per share | 0.74 | 0.70 | 1.97 | 1.75 |
THIRD QUARTER RESULTS
(All percentage increases and decreases represent year-over-year changes for the third quarter of 2014 compared to the third quarter of 2013, unless otherwise noted.)
Uni-Select recorded an overall sales increase of 0.2% to $465 million in the third quarter of 2014. Organic growth of 1.3% and revenue derived from recent acquisitions were largely offset by the impact of the declining Canadian dollar and sales lost from store closures under the Corporation's Action Plan. Sales of the US operations reached $340 million, up 1.6% over last year, with an organic growth of 1.3%. Canadian operations reported $126 million in sales in the same period, down 3.5% over 2013 mainly due to the impact of a lower Canadian dollar, partially compensated by a 1.2% organic growth.
EBITDA for the third quarter reached $30 million, compared to $29 million last year, representing a 3.6% increase. Adjusted EBITDA grew by 4.5% while the adjusted EBITDA margin increased to 6.8% compared to 6.5% last year. The increase is mainly attributable to Action Plan related savings of $3.3 million and tight control over expenses. These favourable items were partially offset by unfavorable distribution channel and customer mix.
As indicated above, the Corporation's results are presented in US dollars. Once converted to Canadian dollars, adjusted earnings per share reached $0.80 for the third quarter, up a strong 9.6% compared to $0.73 in 2013.
Over the course of the third quarter, net debt decreased by $38 million, mainly due to an increase in cash from operations generated by additional earnings and improved working capital.
Subsequently to the end of the third quarter, the Corporation amended the terms of its existing credit facility and extended its maturity to June 30, 2018. The Corporation will benefit from reduced interest rates under the amended terms of the credit facility that reflect current market conditions.
NINE-MONTH PERIOD RESULTS
(All percentage increases and decreases represent year-over-year changes for the nine-month period of 2014 compared to the nine-month period of 2013, unless otherwise noted.)
Uni-Select recorded an overall 0.4% decline in sales for the first nine months of 2014 to $1,357 million. Sales lost from store closures, combined with the declining Canadian dollar more than offset the combined favourable impact of the 2.2% organic growth and additional revenue derived from recent acquisitions.
Sales of the US operations reached $993 million, up 0.4% compared to last year, with a 1.4% organic growth. Canadian operations recorded $364 million in sales in the same period, down 2.5% over 2013. Canadian organic growth reached 4.2%.
EBITDA more than doubled this year to $78 million compared to $37 million last year. 2013 results included $35.2 million in restructuring charges in relation to its Action Plan and expenses related to the development and deployment of the enterprise resource planning system. Adjusted EBITDA grew by 9.0% while the adjusted EBITDA margin after nine months increased to 6.2% from 5.6% last year. Savings derived from the Action Plan accounted for $12.7 million.
Since the beginning of the year, the Corporation generated $104 million in cash from operating activities, of which $57 million were used to reduce indebtedness. As of September 30, 2014, the Corporation's outstanding net debt stood at $221 million, down 20.3% from December 31, 2013, while its funded debt to EBITDA ratio reached 2.05 times, down notably from 2.75 times last year.
For the nine-month period ended September 30, 2014 adjusted earnings per share converted to Canadian dollars amount to $2.16 compared to $1.79 in 2013, a robust 20.7% increase.
DIVIDEND
Uni-Select's Board of Directors declared a dividend of C$0.15 per share payable on January 21, 2015 to shareholders of record on December 31, 2014. This dividend is an eligible dividend for tax purposes.
CONFERENCE CALL
Uni-Select will host a conference call to discuss its 2014 third quarter results on October 30, 2014 at 3 PM (EDT). To join the conference, dial 1 866 696-5910 followed by 4101473.
A replay of the conference call will be available until 11:59 PM (EST) on November 6, 2014. To access the replay, dial 1 800 408-3053 followed by 8003408.
ABOUT UNI-SELECT
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools, accessories, paint and related products for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 5th largest distributor and the leading independent distributor of automotive paint and related products in North America. With its 5,400 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,600 which operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville, QC and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
FORWARD-LOOKING INFORMATION
The information provided in this press release includes some forward-looking information, which includes certain risks and uncertainties, including risks relating to the implementation of the Action Plan resulting from the strategic review process, which may cause the final results to be significantly different from those listed or implied within this news release. For example, the foregoing estimates of cost and inventory reductions may be considered forward-looking information and are based upon certain key assumptions, including (i) the closure, sale or consolidation of the number of stores and distribution centres, and related reduction of headcounts, as planned and within the timeframe contemplated by the Action Plan and (ii) the timely completion of all other components of the Action Plan as planned. Uni-Select cautions that assumptions used to prepare the foregoing estimates, although reasonable at the time they were made, may prove to be incorrect or inaccurate. The foregoing factors could therefore cause the actual cost and inventory reductions to be derived under the Action Plan to differ materially from the amounts set forth in the foregoing estimates. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
ADDITIONAL INFORMATION
The Interim Management's Discussion and Analysis, the unaudited interim financial statements and the accompanying notes for the Third Quarter of 2014 are available in the "Investors" section on the Corporation's website at uniselect.com as well as on SEDAR at sedar.com. The Corporation's Annual Report may also be found on these websites as well as other information related to Uni-Select, including its Annual Information Form.
Action Plan Financial Executive Summary
Internal strategic and operational plan (Action Plan) announced on July 11, 2013
Announced on July 11, 2013 | Realized | ||||||||
(in millions of US dollars) | 2013 | 2014 | 2015 | TOTAL | 2013 | 1st and 2nd quarters 2014 |
3rd quarter 2014 |
Since implementation(1) (September 30, 2014) |
|
Sales erosion | $ 20.0 | $ 45.0 | $ 5.0 | $ 70.0 | $ 13.1 | $ 22.6 | $ 11.6 | $ 47.3 | |
EBITDA improvement | $ 10.0 | $ 15.0 | $ 5.0 | $ 30.0 | $ 13.0 | $ 9.4 | $ 3.3 | $ 25.7 | |
Restructuring charges and others | |||||||||
Recorded | $ 36.0 | - | - | $ 36.0 | $ 35.2 | - | - | $ 35.2 | |
As incurred | $ 4.0 | $ 5.0 | - | $ 9.0 | $ 4.1 | $ 3.5 | $ 1.5 | $ 9.1 | |
Inventory reduction | $ 8.0 | $ 22.0 | $ 10.0 | $ 40.0 | $ 4.2 | $ 14.4 | - | $ 18.6 | |
Capital expenditures | $ 7.0 | $ 9.0 | - | $ 16.0 | $ 2.4 | $ 0.2 | $ 0.5 | $ 3.1 |
(1) | 16-month period |
NON-IFRS FINANCIAL MEASURES
The information included in this press release contains certain measures that are consistent with IFRS. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other entities.
(1) Organic growth - This measure consists of quantifying the increase in pro forma consolidated sales between two given periods, excluding the impact of acquisitions, sales and disposals of stores, exchange-rate fluctuations and when necessary, the variance in the number of billing days. Determining the rate of organic growth, based on findings that Management regards as reasonable, may differ from the actual rate of organic growth.
(2) EBITDA - This measure represents net earnings excluding finance costs, depreciation and amortization, equity income and income taxes. This measure is a financial indicator of a corporation's ability to service and incur debt. It should not be considered by an investor as an alternative to sales or net earnings, as an indicator of operating performance or cash flows, or as a measure of liquidity, but as additional information.
(3) Adjusted EBITDA margin - The adjusted EBITDA margin is a percentage corresponding to the ratio of adjusted EBITDA to sales.
(4) Adjusted EBITDA, adjusted earnings and adjusted earnings per share - Management uses adjusted EBITDA, adjusted earnings and adjusted earnings per share to assess EBITDA, net earnings and net earnings per share from operating activities, excluding certain adjustments, net of income taxes (for adjusted earnings and adjusted earnings per share), which may affect the comparability of the Corporation's financial results. Management considers that these measures are more representative of the Corporation's operational performance and more appropriate in providing additional information. These adjustments include, among other things, the non-capitalizable costs related to the development and implementation of the ERP system, costs related to the closure and disposal of stores, as well as restructuring charges and others. The exclusion of these items does not indicate that they are non-recurring.
(5) Free cash flow - This measure corresponds to the cash flow from operating activities according to the statement of cash flows adjusted for the following items: changes in working capital items, equity income and acquisitions of property and equipment. The free cash flow excludes certain variations in working capital items (such as trade and other receivables, inventory and trade and other payables) and other funds generated and used according to the statement of cash flows. Therefore, it should not be considered as an alternative to the Consolidated Statement of Cash Flows, or as a measure of liquidity, but as additional information.
(6) Total net debt - This measure consists of long-term debt, including the portion due within a year (as shown in note 12 to the Interim Consolidated Financial Statements) net of cash. Debentures are excluded from the long-term debt.
(7) Funded debt to adjusted EBITDA - This ratio corresponds to total net debt to adjusted EBITDA. Debentures are excluded from the total net debt.
Reconciliation of non-IFRS measures
The following table presents a reconciliation of EBITDA and adjusted EBITDA.
Third quarter | Nine-month period | ||||||||||
2014 | 2013 | % | 2014 | 2013 | % | ||||||
Net earnings | 14,842 | 14,280 | 38,762 | 11,129 | |||||||
Adjustments: | |||||||||||
Income tax expense (recovery) | 4,482 | 3,688 | 8,529 | (5,533 | ) | ||||||
Equity income | (433 | ) | (565 | ) | (1,729 | ) | (2,072 | ) | |||
Depreciation and amortization | 7,983 | 7,492 | 23,330 | 21,807 | |||||||
Finance costs, net | 3,032 | 3,952 | 9,297 | 12,050 | |||||||
EBITDA | 29,906 | 28,847 | 78,189 | 37,381 | |||||||
Restructuring charges and others | - | - | - | 35,180 | |||||||
Expenses related to the development and deployment of the enterprise resource planning system (ERP) (1) | - | 647 | 414 | 2,437 | |||||||
Expenses related to the network optimization and to the closure and disposal of stores (2) | 1,528 | 585 | 4,973 | 1,712 | |||||||
Adjusted EBITDA | 31,434 | 30,079 | 4.5 | 83,576 | 76,710 | 9.0 | |||||
Adjusted EBITDA Margin | 6.8 | % | 6.5 | % | 6.2 | % | 5.6 | % |
(1) | Mainly include costs related to data conversion, employee training and deployment to various sites. Last deployment was made in December 2013. |
(2) | Primarily consist of handling and freight expenses required to relocate inventory. |
The following table presents a reconciliation of adjusted earnings and adjusted earnings per share.
Third quarter | Nine-month period | ||||||
2014 | 2013 | % | 2014 | 2013 | % | ||
Net earnings attributable to shareholders, as reported | 14,842 | 14,280 | 38,762 | 11,129 | |||
Restructuring charges and others, net of taxes | - | - | - | 23,926 | |||
Expenses related to the development and deployment of the enterprise resource planning system (ERP), net of taxes | - | 411 | 247 | 1,518 | |||
Expenses related to the network optimization and to the closure and disposal of stores, net of taxes | 913 | 296 | 2,939 | 970 | |||
Adjusted earnings | 15,755 | 14,987 | 5.1 | 41,948 | 37,543 | 11.7 | |
Net earnings per share attributable to shareholders, as reported | 0.70 | 0.67 | 1.82 | 0.52 | |||
Restructuring charges and others, net of taxes | - | - | - | 1.12 | |||
Expenses related to the development and deployment of the enterprise resource planning system (ERP), net of taxes | - | 0.02 | 0.01 | 0.07 | |||
Expenses related to the network optimization and to the closure and disposal of stores, net of taxes | 0.04 | 0.01 | 0.14 | 0.05 | |||
Adjusted earnings per share | 0.74 | 0.70 | 5.7 | 1.97 | 1.75 | 12.6 | |
The effect of the declining Canadian dollar was $0.01 on earnings per share for the quarter compared to the same quarter in 2013, while the effect for the nine-month period was $0.04 compared to the same period last year.
UNI-SELECT INC. |
CONSOLIDATED STATEMENTS OF EARNINGS |
(In thousands of US dollars, except per share amounts, unaudited) | Quarter ended Sept. 30, |
Nine-month period ended Sept. 30, |
||||||
2014 | 2013 | 2014 | 2013 | |||||
Sales | 465,408 | 464,509 | 1,357,175 | 1,362,505 | ||||
Purchases, net of changes in inventories | 328,743 | 326,113 | 955,353 | 951,792 | ||||
Gross margin | 136,665 | 138,396 | 401,822 | 410,713 | ||||
Employee benefits | 70,293 | 73,413 | 212,395 | 222,495 | ||||
Other operating expenses | 36,466 | 36,136 | 111,238 | 115,657 | ||||
Restructuring charges and others | - | - | - | 35,180 | ||||
Earnings before finance costs, depreciation and amortization, equity income and income taxes | 29,906 | 28,847 | 78,189 | 37,381 | ||||
Finance costs, net | 3,032 | 3,952 | 9,297 | 12,050 | ||||
Depreciation and amortization | 7,983 | 7,492 | 23,330 | 21,807 | ||||
Earnings before equity income and income taxes | 18,891 | 17,403 | 45,562 | 3,524 | ||||
Equity income | 433 | 565 | 1,729 | 2,072 | ||||
Earnings before income taxes | 19,324 | 17,968 | 47,291 | 5,596 | ||||
Income tax expense (recovery) | ||||||||
Current | 1,686 | 3,851 | 9,889 | 8,607 | ||||
Deferred | 2,796 | (163 | ) | (1,360 | ) | (14,140 | ) | |
4,482 | 3,688 | 8,529 | (5,533 | ) | ||||
Net earnings attributable to shareholders | 14,842 | 14,280 | 38,762 | 11,129 | ||||
Earnings per share basic | 0.70 | 0.67 | 1.82 | 0.52 | ||||
Earnings per share diluted | 0.69 | 0.66 | 1.81 | 0.52 | ||||
Weighted average number of common shares outstanding (in thousands) | ||||||||
Basic | 21,258 | 21,404 | 21,262 | 21,456 | ||||
Diluted | 22,544 | 22,643 | 22,557 | 21,456 | ||||
UNI-SELECT INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(In thousands of US dollars, unaudited) | Quarter ended Sept. 30, |
Nine-month period ended Sept. 30, |
|||||||
2014 | 2013 | 2014 | 2013 | ||||||
Net earnings | 14,842 | 14,280 | 38,762 | 11,129 | |||||
Other comprehensive income (loss) | |||||||||
Items that will subsequently be reclassified to net earnings: | |||||||||
Effective portion of changes in the fair value of cash flow hedges (net of income tax of $3 and $56 for the quarter and nine-month period ($30 and $78 in 2013)) | 8 | 83 | (150 | ) | 212 | ||||
Net change in the fair value of derivative financial instruments designated as cash flow hedges transferred to earnings (net of income tax of $46 and $134 for the quarter and nine-month period ($86 and $281 in 2013)) | 124 | 232 | 362 | 713 | |||||
Unrealized exchange gains (losses) on the translation of financial statements to the presentation currency | 6,371 | (4,194 | ) | 6,334 | 7,126 | ||||
Unrealized exchange gains (losses) on the translation of debt designated as a hedge of net investments in foreign operations | (11,728 | ) | 5,430 | (11,428 | ) | (10,432 | ) | ||
(5,225 | ) | 1,551 | (4,882 | ) | (2,381 | ) | |||
Items that will not subsequently be reclassified to net earnings: | |||||||||
Remeasurements of long-term employee benefit obligations (net of income tax of $39 and $1,232 for the quarter and nine-month period ($458 and $1,618 in 2013)) | (107 | ) | 1,245 | (3,329 | ) | 4,399 | |||
Total other comprehensive income (loss) | (5,332 | ) | 2,796 | (8,211 | ) | 2,018 | |||
Comprehensive income attributable to shareholders | 9,510 | 17,076 | 30,551 | 13,147 | |||||
UNI-SELECT INC. |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
Attributable to shareholders | |||||||||||
(In thousands of US dollars, unaudited) | Share capital |
Contributed surplus |
Equity component of the convertible debentures |
Retained earnings |
Accumulated other comprehensive income (loss) |
Total equity |
|||||
Balance, December 31, 2012 | 88,563 | 392 | 1,687 | 384,902 | 8,661 | 484,205 | |||||
Net earnings | - | - | - | 11,129 | - | 11,129 | |||||
Other comprehensive income (loss) | - | - | - | 4,399 | (2,381 | ) | 2,018 | ||||
Comprehensive income (loss) | - | - | - | 15,528 | (2,381 | ) | 13,147 | ||||
Contributions by and distributions to shareholders: | |||||||||||
Share repurchases | (1,187 | ) | - | - | (4,584 | ) | - | (5,771 | ) | ||
Dividends | - | - | - | (8,099 | ) | - | (8,099 | ) | |||
Stock-based compensation | - | 838 | - | - | - | 838 | |||||
(1,187 | ) | 838 | - | (12,683 | ) | - | (13,032 | ) | |||
Balance, September 30, 2013 | 87,376 | 1,230 | 1,687 | 387,747 | 6,280 | 484,320 | |||||
Balance, December 31, 2013 | 87,271 | 1,332 | 1,687 | 394,716 | 3,749 | 488,755 | |||||
Net earnings | - | - | - | 38,762 | - | 38,762 | |||||
Other comprehensive income (loss) | - | - | - | (3,329 | ) | (4,882 | ) | (8,211 | ) | ||
Comprehensive income (loss) | - | - | - | 35,433 | (4,882 | ) | 30,551 | ||||
Contributions by and distributions to shareholders: | |||||||||||
Share repurchases | (33 | ) | - | - | (159 | ) | - | (192 | ) | ||
Dividends | - | - | - | (8,332 | ) | - | (8,332 | ) | |||
Stock-based compensation | - | 883 | - | - | - | 883 | |||||
(33 | ) | 883 | - | (8,491 | ) | - | (7,641 | ) | |||
Balance, September 30, 2014 | 87,238 | 2,215 | 1,687 | 421,658 | (1,133 | ) | 511,665 | ||||
UNI-SELECT INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands of US dollars, unaudited) | Quarter ended Sept. 30, |
Nine-month period ended Sept. 30, |
|||||||
2014 | 2013 | 2014 | 2013 | ||||||
OPERATING ACTIVITIES | |||||||||
Net earnings | 14,842 | 14,280 | 38,762 | 11,129 | |||||
Non-cash items: | |||||||||
Finance costs, net | 3,032 | 3,952 | 9,297 | 12,050 | |||||
Depreciation and amortization | 7,983 | 7,492 | 23,330 | 21,807 | |||||
Restructuring charges and others | - | - | - | 35,180 | |||||
Income tax expense (recovery) | 4,482 | 3,688 | 8,529 | (5,533 | ) | ||||
Other non-cash items | 3,795 | 773 | 9,086 | 626 | |||||
Changes in working capital items | 19,836 | 10,410 | 32,126 | 21,835 | |||||
Interest paid | (2,899 | ) | (3,990 | ) | (8,186 | ) | (11,722 | ) | |
Income taxes recovered (paid) | (1,572 | ) | 1,561 | (9,280 | ) | 2,748 | |||
Cash flows from operating activities | 49,499 | 38,166 | 103,664 | 88,120 | |||||
INVESTING ACTIVITIES | |||||||||
Net business acquisitions | (40 | ) | (31 | ) | (17,617 | ) | (1,432 | ) | |
Balances of purchase price | (19 | ) | (138 | ) | 17 | (390 | ) | ||
Advances to merchant members | (1,854 | ) | (3,272 | ) | (12,350 | ) | (10,155 | ) | |
Receipts on advances to merchant members and dividends received from equity investments | 1,856 | 1,772 | 5,850 | 6,029 | |||||
Net acquisitions of property and equipment | (5,237 | ) | (3,162 | ) | (8,340 | ) | (9,187 | ) | |
Net acquisitions and development of intangible assets | (1,305 | ) | (2,019 | ) | (5,548 | ) | (6,028 | ) | |
Cash flows used in investing activities | (6,599 | ) | (6,850 | ) | (37,988 | ) | (21,163 | ) | |
FINANCING ACTIVITIES | |||||||||
Increase in long-term debt | 14,825 | - | 58,859 | 201,691 | |||||
Repayment of long-term debt | (54,618 | ) | (24,906 | ) | (116,332 | ) | (254,405 | ) | |
Merchant members' deposits in the guarantee fund | (135 | ) | 94 | (40 | ) | (373 | ) | ||
Share repurchases | (44 | ) | (3,809 | ) | (192 | ) | (5,771 | ) | |
Dividends paid | (2,954 | ) | (2,700 | ) | (7,998 | ) | (8,143 | ) | |
Cash flows used in financing activities | (42,926 | ) | (31,321 | ) | (65,703 | ) | (67,001 | ) | |
Effects of fluctuations in exchange rates on cash | (1 | ) | 1 | (1 | ) | (4 | ) | ||
Net decrease in cash | (27 | ) | (4 | ) | (28 | ) | (48 | ) | |
Cash, beginning of period | 56 | 78 | 57 | 122 | |||||
Cash, end of period | 29 | 74 | 29 | 74 | |||||
UNI-SELECT INC. |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
(In thousands of US dollars, unaudited) | Sept. 30, | Dec. 31, | ||
2014 | 2013 | |||
ASSETS | ||||
Current assets: | ||||
Cash | 29 | 57 | ||
Trade and other receivables | 246,869 | 220,942 | ||
Income taxes receivable | 15,607 | 16,883 | ||
Inventory | 508,475 | 532,045 | ||
Prepaid expenses | 14,712 | 11,417 | ||
Total current assets | 785,692 | 781,344 | ||
Equity investments, other investments and advances to merchant members | 21,305 | 36,855 | ||
Property and equipment | 52,374 | 49,494 | ||
Intangible assets | 131,115 | 140,598 | ||
Goodwill | 194,203 | 184,449 | ||
Deferred tax assets | 12,191 | 13,151 | ||
TOTAL ASSETS | 1,196,880 | 1,205,891 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Trade and other payables | 373,680 | 341,429 | ||
Provision for restructuring charges and others | 8,059 | 15,185 | ||
Dividends payable | 2,862 | 2,598 | ||
Current portion of long-term debt and merchant members' deposits in the guarantee fund | 5,142 | 4,667 | ||
Total current liabilities | 389,743 | 363,879 | ||
Long-term employee benefit obligations | 24,529 | 19,561 | ||
Long-term debt | 216,226 | 273,165 | ||
Convertible debentures | 45,344 | 46,829 | ||
Merchant members' deposits in the guarantee fund | 6,626 | 6,988 | ||
Derivative financial instruments | 601 | 890 | ||
Deferred tax liabilities | 2,146 | 5,824 | ||
TOTAL LIABILITIES | 685,215 | 717,136 | ||
EQUITY | ||||
Share capital | 87,238 | 87,271 | ||
Contributed surplus | 2,215 | 1,332 | ||
Equity component of the convertible debentures | 1,687 | 1,687 | ||
Retained earnings | 421,658 | 394,716 | ||
Accumulated other comprehensive income | (1,133 | ) | 3,749 | |
TOTAL EQUITY | 511,665 | 488,755 | ||
TOTAL LIABILITIES AND EQUITY | 1,196,880 | 1,205,891 | ||
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